Dodge & Cox Portfolio holdings
Dodge & Cox, founded in 1930 by Van Duyn Dodge and E. Morris Cox in San Francisco, California, is an independent, employee-owned investment management firm renowned for its disciplined, value-oriented approach to long-term investing. Managing over $350 billion in assets as of late 2024, the firm offers a concise lineup of mutual funds and separate accounts focusing on U.S. and international equities, fixed income, and balanced portfolios, serving individual and institutional investors with a low-turnover, research-driven strategy. Known for its team-based decision-making and contrarian stance—buying undervalued securities others overlook—Dodge & Cox has maintained a consistent philosophy through decades, avoiding trend-chasing and emphasizing fundamentals, even during market volatility like the 2008 crisis. With a tight-knit team of about 300 employees and no proprietary trading, the firm’s commitment to simplicity, low fees, and client alignment has earned it a loyal following and a reputation as a steadfast player in asset management.
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Occidental Petroleum
OXY
|
+$1.64B |
| 2 |
Dell
DELL
|
+$486M |
| 3 |
Ovintiv
OVV
|
+$450M |
| 4 |
Fox Class A
FOXA
|
+$410M |
| 5 |
Baker Hughes
BKR
|
+$404M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
APC
Anadarko Petroleum
APC
|
+$1.53B |
| 2 |
Charter Communications
CHTR
|
+$1.19B |
| 3 |
ZAYO
Zayo Group Holdings, Inc.
ZAYO
|
+$763M |
| 4 |
Microsoft
MSFT
|
+$754M |
| 5 |
Danaher
DHR
|
+$645M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 24.99% |
| 2 | Healthcare | 17.39% |
| 3 | Technology | 15.46% |
| 4 | Communication Services | 14.34% |
| 5 | Energy | 11.42% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
ZAYO
76
DELISTED
Zayo Group Holdings, Inc.
ZAYO
| $141M | 0.12% |
4,150,114
-22,652,099
| -85% | -$763M |
|
77
Walt Disney
DIS
$184B
| $93.8M | 0.08% |
720,036
-29,237
| -4% | -$4.04M |
|
78
Itaú Unibanco
ITUB
$83B
| $77.7M | 0.06% |
12,696,058
| – | – |
|
79
Union Pacific
UNP
$183B
| $63.2M | 0.05% |
389,994
-14,397
| -4% | -$2.42M |
|
80
Merck
MRK
$369B
| $59M | 0.05% |
735,007
-13,917
| -2% | -$1.12M |
|
81
Chevron
CVX
$392B
| $39.9M | 0.03% |
336,675
-2,956
| -0.9% | -$359K |
|
82
Petrobras Class A
PBR.A
$107B
| $31.8M | 0.03% |
2,416,807
-107,800
| -4% | -$1.44M |
|
83
Cadence Design Systems
CDNS
$95.7B
| $28.1M | 0.02% |
425,486
-3,128
| -0.7% | -$220K |
|
84
Travelers Companies
TRV
$77B
| $21.8M | 0.02% |
146,883
-961
| -0.7% | -$143K |
|
85
Target
TGT
$75.4B
| $21.3M | 0.02% |
199,408
-190,349
| -49% | -$18.1M |
|
86
ICICI Bank
IBN
$107B
| $18.1M | 0.01% |
1,488,830
| – | – |
|
87
Walmart Inc
WMT
$817B
| $16.4M | 0.01% |
413,991
-22,554
| -5% | -$851K |
|
88
Procter & Gamble
PG
$333B
| $16.3M | 0.01% |
130,821
-694
| -0.5% | -$82K |
|
89
Pfizer
PFE
$160B
| $14.2M | 0.01% |
417,439
-1,238
| -0.3% | -$45K |
|
90
Home Depot
HD
$328B
| $12.3M | 0.01% |
53,020
-550
| -1% | -$120K |
|
|
STI
91
DELISTED
SunTrust Banks, Inc.
STI
| $12.2M | 0.01% |
177,932
-1,688
| -0.9% | -$108K |
|
92
Adobe
ADBE
$115B
| $11.4M | 0.01% |
41,265
-1,000
| -2% | -$292K |
|
93
Thermo Fisher Scientific
TMO
$233B
| $10.7M | 0.01% |
36,643
-700
| -2% | -$200K |
|
94
Corning
GLW
$132B
| $10.3M | 0.01% |
362,550
-50,814
| -12% | -$1.52M |
|
95
IBM
IBM
$225B
| $10M | 0.01% |
71,942
-4,030
| -5% | -$544K |
|
96
AT&T
T
$174B
| $9.58M | 0.01% |
335,172
-88,958
| -21% | -$2.36M |
|
97
ExxonMobil
XOM
$643B
| $8.64M | 0.01% |
122,349
-100
| -0.1% | -$7.23K |
|
|
RDS.A
98
DELISTED
Royal Dutch Shell PLC ADS Class A
RDS.A
| $7.61M | 0.01% |
129,268
-16,361
| -11% | -$971K |
|
99
Boston Scientific
BSX
$67.6B
| $7.11M | 0.01% |
174,640
-2,000
| -1% | -$84.7K |
|
100
Vulcan Materials
VMC
$35.5B
| $6.73M | 0.01% |
44,500
-400
| -0.9% | -$56.5K |
|
Similar funds
Dodge & Cox's Q3 2019 Portfolio in Review
As of Q3 2019, Dodge & Cox held 183 positions worth $122B, down 1.7% from $124B the previous quarter. Its ten largest holdings account for 32% of the portfolio.
Trading was light in Q3 2019: portfolio turnover was 2.7%. Dodge & Cox opened 3 new positions and exited 2, leaving the 183-position portfolio largely intact.
By sector, the portfolio is most concentrated in Financials at 25% of assets, up from 24% a quarter earlier, followed by Healthcare and Technology.
- Dodge & Cox's largest Q3 2019 buy was Ovintiv: 19,671,036 shares worth $452M.
- Dodge & Cox added most to Occidental Petroleum in Q3 2019, an estimated $1.64B increase.
- Dodge & Cox's biggest Q3 2019 reduction was Charter Communications, cutting an estimated $1.19B.
- Dodge & Cox fully exited Anadarko Petroleum in Q3 2019, selling an estimated $1.53B.
- Dodge & Cox's ten largest holdings make up 32% of its $122B portfolio in Q3 2019.
- Dodge & Cox opened 3 new positions and closed 2 in Q3 2019.
- Dodge & Cox's portfolio value fell 1.7% quarter-over-quarter to $122B.
Based on Dodge & Cox's 13F filing for Q3 2019, filed 13 Nov 2019.